Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

Greek default could make others junk: Moody's






ATHENS | Tue May 24, 2011 4:49am EDT

ATHENS (Reuters) - Portugal and Ireland would be at risk of multi-notch credit downgrades, pushing their ratings into junk territory in the event of a default by Greece, Moody's EMEA chief credit officer told Reuters on Tuesday.
"A Greek default would be highly destabilizing and would have implications for the creditworthiness of issuers across Europe," Alastair Wilson said in a telephone interview.
"This would result in more highly polarized credit worthiness and ratings among euro zone sovereigns, with the stronger countries retaining very high ratings and the weaker countries struggling to remain in investment grade."
Wilson said that the focus after any Greek default would be on Portugal and Ireland, who have also agreed bailouts with the EU and the IMF.
Asked if Portugal and Ireland would be at risk of falling into junk territory in case of a Greek default, he said: "Potentially yes ... If there were to be a Greek default there could potentially be multi-notch downgrades to the weakest sovereigns."
He said Spain, Italy and Belgium were not in the same category as Portugal and Ireland but would also come under significant market pressure and could face rating downgrades.
"Spain is not in the same category as Portugal and Ireland. It would be expected though that even the slightly stronger euro zone sovereigns would come under significant market pressure and very likely face (a) higher cost of accessing the wholesale funding market," Wilson said.
He declined to say how likely it was that Greece would actually default on its debt.

 

[tommy271]

Worry about Greek CDS misguided, dealers suggest - Risk.net

 

[tommy271]

Record tassi titoli Stato Grecia-Irlanda


Rendimento bond Atene sopra 17%, per Dublino oltre il 10%



(ANSA) - ROMA, 24 MAG - Il rischio di un default di Atene fa salire a nuovi record i rendimenti dei titoli di Stato di Grecia e Irlanda. Il tasso del decennale greco ha superato il 17% (17,10%) e quello del biennale e' schizzato di 93 punti base raggiungendo il massimo storico del 27,18% per poi invertire rotta e calare al 26,28%. Il rendimento dei titoli a 10 anni di Dublino ha toccato il picco massimo del 10,89%.

24 Mag 11:02

***
Gli spread sul decennale sono intorno alle quotazioni di ieri.
Attualmente intorno a 1430 pb.

 

[tommy271]

Greek Restructuring Would Leave Banks Too Dependent on ECB, Moody’s Says

By Jana Randow - May 24, 2011 10:36 AM GMT+0200 Tue May 24 08:36:13 GMT 2011

A Greek debt restructuring would leave its lenders dependent on the European Central Bank for the foreseeable future, according to Moody’s Investors Service, underscoring the central bank’s opposition to such a move.
Repayment extensions or voluntary swaps -- what European officials term “soft restructuring” -- would constitute a default and foreclose Greece’s access to capital markets for a “sustained period,” Moody’s said in a note today.
“The Greek banking sector would require recapitalizing to offset banks’ losses on Greek government bonds, and continued liquidity support from the European Central Bank, at least for as long as the sovereign’s own access to the capital markets remained impaired,” according to the note, which sought to assess the impact of a default rather than its likelihood.
Fitch Ratings cut Greece’s credit rating three levels to B+ last week and said the country could face a further reduction in its creditworthiness. After a year of austerity that included cuts to wages and pensions and higher taxes, Greece’s debt will still reach almost 158 percent of gross domestic product, more than twice the European Union limit and the biggest in the euro’s history, according to European Commission estimates.
European finance ministers on May 17 for the first time floated the idea of talks with bondholders over extending Greece’s debt-repayment schedule, saying that last year’s rescue failed to restore the country to financial health. The cost to insure Greek debt against default rose to a record yesterday and the yield on its 10-year bonds increased to a euro-era high.



‘Horror Story’

ECB Governing Council member Christian Noyer ruled out a restructuring of Greece’s debt today, calling it a “horror story” that the central bank cannot accept. ECB Vice President Vitor Constancio said this month a debt restructuring should be a “last resort” as it would trigger “enormous consequences.”
“There’s no solution possible” other than for Greece to follow its austerity program, Noyer said. “Restructuring is not a solution.”
The ECB has provided banks with unlimited liquidity since the collapse of Lehman Brothers Holdings Inc. to unlock credit markets. While most banks have returned to money markets to refinance themselves, some are still reliant on central bank funding. Policy makers will have to decide next month whether they’ll continue to allow banks to borrow as much cash as they want against eligible collateral for maturities of up to three months.
A Greek default may have implications for “other stressed European sovereigns, and the Greek banks, regardless of the efforts made to achieve an ‘orderly’ outcome,’” Moody’s said. “The full impact on Europe’s capital markets would be hard to predict and harder still to control. The fallout would have implications for the creditworthiness, and hence the ratings, of issuers across Europe.”



(Bloomberg)

 

[tommy271]

Greek restructure would worsen crisis: Van Rompuy


Published: Tuesday, 24 May 2011 | 5:24 AM ET




PARIS - A restructuring of Greece's debt would make the euro zone crisis worse, not better, European Council President Herman Van Rompuy said on Tuesday, insisting that the EU was determined to avert default. The three major credit rating agencies have warned that any attempt to ease Greece's obligations to its bondholders would constitute a default. Portugal and Ireland would be at risk of multi-notch credit downgrades, pushing their ratings into junk territory in the event of a default by Greece, Moody's EMEA chief credit officer told Reuters on Tuesday.
"There is a real danger that in one form or another a debt restructuring or rescheduling aggravates the situation," Van Rompuy told a forum at the Organization for Economic Co-operation and Development in Paris. "The risk of failure in such an operation is huge."
Van Rompuy said the "red lines" were to avoid a default and a credit event -- meaning anything that could trigger the payout of sovereign default insurance.
"That's why the emphasis has continued to be on continuing to implement the tough but necessary reforms," he said.
Markets piled pressure on heavily indebted euro zone countries at the start of the week as investors worried not just about Greece but also about heightened risks in Spain -- where the government was drubbed in regional elections -- and ratings agencies' warnings for Italy and Belgium.
"The Greek government has made remarkable progress in cutting (its budget) deficit by 5 percent of GDP in one year's time, yet further ambitious and determined action by the Greek government remains key for the program to succeed," he said.


(Reuters)

 

[tommy271]

EURO GOVT-Investors cash in on five-month highs, Bunds fall






Tue May 24, 2011 5:47am EDT

* Bunds down but fears over further downgrades to cap losses
* Peripheral spreads tighten, but bonds seen under pressure
* Better-than-expected Ifo hurts appetite for safer debt



By Ana Nicolaci da Costa


LONDON, May 24 (Reuters) - German bonds fell on Tuesday as investors cashed in on the previous day's rally but fears over Greece and further downgrades to euro zone credit ratings should provide the market with some underlying support.
There has been no shortage of negative news to hit the region in the past week: euro zone officials can't agree on the need for a Greek bailout; rating agencies say most forms of restructuring would constitute default; and in addition to a Greek downgrade, the outlooks of both Belgium and Italy were cut to negative.
While market players were taking profits on a surge in Bund prices on Monday to five-month highs, broader economic uncertainty will likely limit the downside of any bond move.
"There is an immediate concern about Greece's situation and obviously the credit ratings agencies have pretty much reinforced the concerns about contagion, now that they put Italy and Belgium on negative outlook," said Orlando Green, European fixed income strategist at Credit Agricole CIB.
"These are all things that are playing into the hands of those that are bullish on the core market" he added, referring to those who have bets on bonds rising.
The June Bund future FGBLM1 fell 29 ticks to 124.89 on Tuesday, also weighed down by better than expected figures in a closely watched survey of German Business sentiment.
The Munich-based Ifo think tank said German business sentiment was unchanged in May, confounding expectations for a third decline in a row.

The 10-year German Bund yield DE10YT=RR was 3 basis points higher at 3.048 percent, having tested the psychologically key 3 percent level in the previous session.
A break beyond that key level could open the way for a rise towards the 126 ticks area in the Bund future, Commerzbank strategists said in a research note.




JITTERY PERIPHERALS


The spread between peripheral bonds and German Bunds tightened slightly after widening sharply the previous session as fears over the euro zone debt crisis took their toll on heavily indebted countries.
The Greek/German 10-year yield spread GR10YT=TWEB was down 13 basis points on the day at 1,415 basis points and the equivalent spread between Spain ES10YT=RR and Germany narrowed to 245 basis points.
Moody's said on Tuesday a Greek debt default would hurt other peripheral euro zone states, making it the last of the three major rating agencies to warn Athens over the implications of any restructuring.

The fear is that ratings agencies could eventually downgrade the ratings of bigger euro zone economies -- which would heighten fears over the fall-out of the euro zone debt crisis and shake financial markets.
"There is plenty more to come from the rating agencies. The danger is we get one of the big boys," said a London trader, referring to France.
The cost of insuring Greek debt against default rose 22 basis points on the day to 1,435, according to data monitor Markit, with markets unconvinced about the government's latest fiscal plans.
The Greek government launched a long-stalled privatisation programme and announced other deficit-reduction measures, but the trader said this should have only limited market impact.

 

[tommy271]

I TITOLI DEI GIORNALI:

Monday's Cabinet meeting and decisions on the privatisations, new taxes and Prime Minister George Papandreou's meetings on Tuesday with the political leaders, dominated the headlines on Tuesday in Athens' newspapers.

ADESMEFTOS TYPOS: "All for sale immediately: TT-PostBank, Piraeus Port Authority S.A. (OLP), Public Power Corporation (PPC), Hellenic Telecommunications Organisation (OTE)".
AVGHI: "For sale: Call Troika for further information".
AVRIANI: "Greece for sale".
ELEFTHEROS TYPOS: "Papandreou's swan song: Pension of squalor and total sell-off ".

ELEFTHEROTYPIA: "The looting of a nation".
ETHNOS: "Shock and awe in the Greek people's lives".
IMERISSIA: "Sweeping privatisations".
KATHIMERINI: "Harsh decisions at the last minute (refers to speculation of early elections)".
NAFTEMPORIKI: "Perpetuating tax storm and sell-off of state properties".
ΤΑ ΝΕΑ: "New measures, same recipe...Taxes, surcharges, cutbacks in salaries and pensions".
RIZOSPASTIS: "Communist party's 'red line' is Greece and the people's salvation".
VRADYNI: "Blood and land for the 5th installment".


(ana.gr)

 

[LUP1051]

MOODY'S, IN CASO DEFAULT GRECIA ANCHE ITALIA E BELGIO SAREBBERO SOTTO PRESSIONE - ANALISTA

Reuters - 24/05/2011 10:06:05

Ma guarda un pò, se ne accorgono anche gli analisti,,,,,,,


Solo una volta nella storia: Muoia Sansone con tutti i figli di ...........

 

[tommy271]

Privatization Program Boosts ASE



With the Hellenic Postbank having the leading role, with profits of 15%, the Athens Stock Exchange reacts sharply upwards on Tuesday in the wake of the first “wave” of privatizations announced yesterday by the Greek government.

Banks recorded early profits of 5.6%, while market analysts comment that the sale of state participation in Hellenic Postbank is interpreted as the trigger for the long-awaited and much-talked consolidation in the banking sector. The performance of National Bank, Alpha Bank and Eurobank is also indicative of the market’s course.

In the wake of yesterday’s announcements, Thessaloniki Port, EYAPS, OTE and OLP stand out in the composition of the General Index. However, Coca Cola 3E suffers significant pressures, which are attributed to the new tax measures on soft drinks.

Despite the reaction triggered by the government’s announcement in securities directly involved with the privatization program, the market is also concerned by the new tax measures and their impact on domestic demand. The concern is intensified by the fact that a large amount of measures should be specified or even extended in the near future.

They also note that a part of concern is attributed to the political developments and whether the country will be able to meet the international lenders’ expectations for a national consensus.

Across the board, the General Index moves upwards by 1.88%, at 1,304.22 units. The turnover stands at €32.2m, while a total amount of 72 shares rise, 33 decline and 39 remain unchanged.

Banks gain 3.12%, at 966.74 units. Hellenic Postbank soars, with profits of 9.615, while Eurobank, ATEbank and National Bank rise by 4.40%, 4.17% and 3.31% respectively.

(capital.gr)

 

[frmaoro]

leader opposizione rifiuta piano risanamento e privatizazioni
si balla